Use the following account descriptions for journal entries. Chart of Accounts Account Account Type Number Account Title Normal Balance Assets 111 Cash Debit 117 Prepaid Insurance Debit 119 Repair Supplies Debit 144 Repair Equipment Debit 145 Accum Dep-Repair Equipment Credit Liabilities 212 Accounts Payable 213 Income Tax Payable Credit Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 FMS Repair Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense Debit Review Chapter 2, p. 90 for more information on the Chart of Accounts REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. Date Cash (111) Date FMS Repair Revenue (411) Prepaid Insurance (117) Store Rent Expense (511) Repair Supplies (119) Telephone Expense (512) Repair Equipment (144) Insurance Expense (513) Accum. Depr.-Repair Equipment (145) Repair Supplies Expense (514) Accounts Payable (212) epr. Exp.-Repair Equipment (51 Income Taxes Payable (213) Income Taxes Expense (516) Common Stock (311) Electric Expense (517) Retained Earnings (312) Dividends (313) Monu Droiect Instructions March. Troncoction Chart of Counte REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits-All of your Journal Entries should balance Account Number from Chart General Journal Date of Accounts nt Title from Chart of Accoun Debit Credit Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. During its first month of operation, HFRM completed the following transactions. Date March 1 March 1 March 1 March 3 March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 March Transactions Transaction Description Began business by making a deposit in a company bank account of $22500, in exchange for 2,250 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy, $2,160. Paid the current month's rent expense, $1,800. Purchased repair equipment from Fred Company, $5,800. Paid $2200 down and the balance was placed on account. The rest will be paid in equal payments over the next 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $400. Cash flight management system (FMS) repair revenue for the first third of March, $2000. Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. Cash FMS repair revenue for the last third of March, $1,500. Paid the current month's electic bill, $300. Declared and paid cash dividend of $1,000.